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Owls Investment Deal Collapses

Owls Investment Deal Collapses

Wednesday's proposed investment deal with Certified Oilfield Rentals (COR), led by Kevin Mundie, has collapsed.

COR were set to mount a takeover of the npower League One club last month, with a £2m payment upfront to help with the running of the club and to pay off a tax bill from HMRC.

But the money has yet to materialise and a spokesperson for Mundie told the Yorkshire Post: 'For business and personal reasons which are wholly unconnected with the club, Kevin Mundie and COR have regrettably felt they must withdraw from further involvement in the proposed purchase.

'Other consortium members are continuing to discuss further involvement and a statement will be made shortly.'

Owls chairman Howard Wilkinson has always said that other parties have shown an interest in investing in Wednesday but COR were the front-runners and seemed closest to completing a deal for the club.

But it seems like things are back to square one as far as the future of the club is concerned, and with a High Court date penned in for Wednesday, November 17 over the unpaid tax bill to HMRC, things are once again looking bleak at S6.

Keep checking Vital Wednesday for all the latest updates on the proposed takeover.



Click here to join in the debate on the club forum.

Writer:Nick
Date:Wednesday November 3 2010
Time: 9:55AM

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Comments

0
No surprise at all, once that promised £2 million failed to show after a few days, it was never going to happen. Forget other parties, its not happening. I actually hope the bank dont bail us out again, time to take the hit and start afresh. new board, new manager, new club. The current board should be so ****ing ashamed at whats happened at our club, its a disgrace. Once again we are the laughing stock of english football.
DEZZYP
03/11/2010 10:11:00
0
WHAT A SURPRISE.
mick66owl
03/11/2010 10:15:00
0
I'm embarrassed to have any association with this club. The last 10-15 years has been let down after let down apart from one fantastic day in Cardiff. Yet again a collapsed takeover makes us the laughing stock of the league. Years of my life devoted to this club just feel liked wasted years when I could have been following a sunday league team with more promise. I know I can never fully give up on my (so called) club, but it is increasingly getting harder to be bothered. Administration looms and in some ways may be the only answer to sort this shambolic mess out. I really don't know where we go from here. Just one thing I ask from the club is no more lies, no more pretending things are going to happen. I don't blame any of the players as the problems where at the club long before them and although AI seems a nice enough guy we really do need a more passionate attacking minded gaffer at the helm. Please please sort this mess out Wednesday, as this massive fan base you constantly harp on about will be no more. They say we are a sleeping giant, I would say we are a fallen giant in a coma with no real signs of life.... Switch on the life support and go into administration....
Owlsmad
03/11/2010 10:27:00
0
Dezzy - I agree that we can't go on like this and it is probaly best if we go into administartion and hope that someone comes into to take control. However, if we do so, we need make sure that we get enpough points to stay up. I cant agree that all of the blame lies with our current board. we have been saddled with a huge debt since the days of Dave Richards and Dave Allen. The current board have been saddled with this and they can't find investors. I'm not suprised, you would have to be very stupid or unbelievable rich to put any money into Wednesday right now. Communication with the fans in very poor and we are constantly left guessing, but the financial state of the club goes back long before the current board.
dobby1
03/11/2010 10:40:00
0
Just read that Dave Allen is prepared to give back his 9.5 stake for free if wednesday repay his 1.5 million debt. What a saint he is. Aftre all, if we go into administartion his 9.5% stake is worthless and he will not get his 1.5 million anyway!
dobby1
03/11/2010 10:47:00
0
Looks like a not so happy birthday for me on the 17th. Was this ever really going to happen? It has been another Geoff Sheard fiasco right from the start. A message to the board, either be honest with us or just f*** off and lets get someone in that knows what they are on about and can relate to all us fans. I'm sorry to say this but I really do think that we could be playing League 2 football next season!!! If/when we go into administration and say a 10 point deduction, that would see us drop to 2nd bottom as things stand at the moment. Worse still, it may be a lot more points deducted, just look at Dundee, 25 points for going into administration! The future's bleak and it certainly aint blue and white.....
Hickyowl1977
03/11/2010 11:15:00
0
fancy all this comes after the match last night with the size of the crowd for a derby game and the way the game went I would not be supprised these had a big thing in making their mind up, i`ve been a wednesday supporter for over 50yrs and i`ve never seen them in such a state if it nothing is done soon conferance he we come
Owlet
03/11/2010 11:23:00
0
well and truely in the ***** now think admin is the only way forward 4 us no chance of going up this season at all what a waste of time and money
retfordowl1867
03/11/2010 12:15:00
0
Its difficult to see a way out of this. We are looking administration and league 2 in the face. Worringly I think our league position flatters us and we have been lucky on numerous occasion (orient etc.) So even a 10 point deduction may be enough to send us down. What happens to the world cup bid if we go into administration, who ends up with the ground - is it the co op. We are in deep trouble.
Radon Barrier
03/11/2010 12:28:00
0
I still think administration is the worst possible outcome here, due to items such as ground ownership, training ground etc. We need to get an investor and cut a deal with the bank otherwise they will own everything!! I am not optimistic that this will happen due to wilkos comments that he had total trust in the guys who have just bailed
Aston_Owl
03/11/2010 12:38:00
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